Good morning, fellow Koreans,

Recently, there has been news that countries all over the world are suffering from heat waves and torrential rains due to abnormal weather conditions. Fortunately, Korea has escaped such large natural disasters unscathed over the past two years. I sincerely hope we will have another disaster-free year this time as well.

I have been abroad for a week from June 26 to attend the G20 Summit in Toronto, Canada, and subsequently to make visits to Panama and Mexico. These visits have reaffirmed my belief that the world we live in today has truly become one. We are living in an era in which we must actively communicate and cooperate with one another in order to lead and thrive.

I took part in the G20 Toronto Summit in my capacity as co-chair and as the host of the next Summit. The G20 Summit was first convened in 2008 in a bid to join global effort to deal with a global problem- the global financial crisis. 

Historically, every time there has been an economic crisis on a global scale, protectionism reared its ugly head, thereby creating an even greater crisis and slowing down the much needed recovery. But, this time was different. When the recent crisis arose, the international community worked closely together through the G20 and made it possible for countries to surmount the crisis. Korea took on a primary role in these global efforts. As a result of such joint efforts, the G20 summit has become a regularly held premier forum for international economic cooperation.

At the Toronto Summit, it was agreed in principle that the economic recovery and fiscal consolidation should be further bolstered and stronger, more transparent financial systems should be established. More concrete details will be discussed at the Seoul Summit slated for November this year. 

During the recent Summit, I unveiled new tasks for the G20 Seoul Summit. Key issues include economic development support for developing and emerging economies, establishment of a global financial safety net and hosting of a business summit of international entrepreneurs.

For the sake of sustainable global growth, more attention must be paid to the countries in need. Korea will play its role as a reliable bridge between advanced and developing nations, drawing on its own experience of desperate poverty and miraculous emergence out of it.

The most crucial objective for the Seoul Summit lies in producing concrete results. Opinions vary, but I must emphasize that countries must follow through as scheduled on commitments made at the four previous summits.

The Seoul Summit has to produce tangible results and put the global economy, now standing at a crossroads, on a stable course. Recognizing this weighty responsibility, the Korean Government will do its utmost to ensure the success of the summit. The G20 Summit has substantial bearing on our national interest and the lives of our citizens as well.

An increase in the “Korea Premium” of just 1 percent with the hosting of the G20 Summit would generate profits worth about 5 trillion won or US$4.1 billion. This practical benefit will create increased job opportunities, thereby greatly helping alleviate the burdens on the shoulders of low-income families.

The Republic takes great pride in the fact that Korea has become the first country among Asian and emerging economies to chair the G20 Summit. The Summit will serve as a great opportunity to boost the nation’s standing in the international arena.

My fellow citizens,

On the sidelines of G20 Toronto Summit, I had summit talks with the leaders of the United States, Japan and China. During the Korea-US Summit several meaningful achievements were made, including the agreement to reschedule the transfer of wartime operational control (OPCON) and progress concerning the Korea-US FTA.

Some people are voicing criticism over the adjustment of the OPCON transfer, stressing the importance of autonomous national defense. However, the rescheduling constitutes a choice that is substantive and autonomous in nature, and in accordance with the Republic’s needs.

There are many political powers in Europe; yet NATO, which is headed by a US commander, serves as the bedrock of security in the region. The issue of OPCON must also be understood within the larger context of security of East Asia and the world as a whole.

We will build up sufficient deterrence capabilities in the coming years, and make sure that the OPCON transfer is implemented successfully in a seamless manner in December 2015.

The Republic’s contribution to the defense expenditures associated with the stationing of the United States Forces in Korea will not increase at all. According to the Special Measures Agreement announced in 2009, the Republic’s contribution will freeze at the current level for the next five years.

The issue of the Korea-US FTA has achieved a significant outcome as well. By setting a target date and urging an expeditious compromise, President Barack Obama made public a strong commitment to have it ratified at the earliest possible time.

My fellow Koreans,

Central and South America sit on the other side of the world. In this age of globalization, however, geographical distance between nations is a matter of no great importance.

During the recent visit to the Republic of Panama, I engaged in a joint summit meeting with the leaders of the Central American Integration System (SICA), a body made up of eight Central American nations. On top of this, I also had a series of bilateral summits with SICA member nations, including Colombia, Guatemala, El Salvador, Honduras, Costa Rica and the Dominican Republic.  

The Central American region is a major international logistics hub that connects the Pacific and the Atlantic. And it is a large market situated right next to the North American Free Trade Area.

Up until now, Japan and a few other countries have exercised some influence in the region. But Korea, too, has established a viable beachhead this time on the occasion of the Korea-SICA Summit. Panama, an important member of SICA, showed special interest in strengthening relations with us.

During our summit, President Martinelli of Panama gave an instantaneous “Yes” to our request concerning the extension of the visas for Korean business people in Panama. This has been our companies’ major wish for years.

The President of Honduras and I concurred on the need to work together in the area of infrastructure construction, education and law enforcement. Simultaneously, I asked my counterpart to pay special attention to the safety and protection of Korean residents in his country.

On the last leg of my itinerary, I visited Mexico, which is Korea’s biggest trading partner in Central and South America. Mexico’s importance is well illustrated by its huge territory that is nine times bigger than the Korean Peninsula and the population that exceeds 100 million. The country’s growth potential is enormous partly because of its abundant natural resources. Korean business activities in Mexico are rather robust with 1,400 companies operating there. The only problem is that they have been experiencing inconveniences and disadvantages because of the lack of a bilateral FTA.

Unfortunately, it is expected that it will take a long time before the two nations can reach a full FTA. Therefore, we concurred on the need to solidify cooperation in those areas that are deemed more important than others. As part of that effort, we agreed to expand opportunities for Korean businesses to participate in Mexico’s international bidding invitations. The two countries also decided to consider positively the applications by Korean banks to set up branches in Mexico. As a result of the summit, Korean firms will be allowed to take part in two major international biddings to be conducted by Mexico before the end of the year.

Since Korea and Mexico are members of both the OECD and the G20, there are many areas in which the two countries could work together. That is the reason why we established a strategic partnership with Mexico, the first such arrangement with Central American country.

Whenever I travel overseas, I can clearly see that other countries are having a difficult time, just like Korea, in creating sufficient jobs and securing stability for ordinary citizens. During the second half of the year, the Government will place top priority on creation of more jobs and bolstering economic security of ordinary citizens.

We have overcome the latest global financial crisis faster than any other country in the world. My government is determined to repeat the same feat in our endeavor to bring about warmth and shed light in the most shadowy corners of our society.

One gets easily tired in this hot and rainy weather. Please pay special attention to your personal safety and have a happy, safe and healthy summer!

Thank you very much.